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Wednesday, May 16, 2007

GST Offset Package

The GST increase from 5% to 7% is imminent, and I was reminded of it more so when I received a letter from CPF Board last night called the "GST offset package S********"

I had read the earlier media reports of the package and had expected to receive $400 (conservatively) to $800 (most likely) like everybody else.

So i was bummed when i read that i was eligible to receive a total of $200 and that i should sign up to receive it by 25 Jun 07 to receive the payout by 1 Jul 07, otherwise by 31 Dec 07.

E fared better by being eligible to receive $300, an additional $100 from his having served NS.

but still! $200 out of an expected $400 ~ $800.


$200 is only enough to offset additional GST payable for purchases of $10,000. $500 enough for $25,000 in spending for our household. Per year. I guess we will hit that sum in spending within 6 months. I dont get to save much in income tax too...

After talking with my colleagues this morning, i found out that the payout is in equal instalments over 4 years.

oops. I do get $800 after all.

and oh, i signed up already.

but i'm not rushing out to buy the latest gadget.

Not YET, anyways.

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